Dream block purchase - finance options !
Hey guys, originally posted in Ausrealestae but suggested I post here!
So here goes - first home buyer here. My partner and I run our own business and it has been growing well. Our family are kind enough to let us stay with them for the next two years or so.
We have found our dream block of land for 1.8m, it is an off the plan block of a residential site being subdivided. Settlement won’t be until the end of the year or early next, so we have a good time to continue to save more of a deposit and increase our business income.
Do you know of any banks that do land only loans for first home buyers ? I heard some require you to get approved for land plus have a confirmed builder quote. But our intention is to get the loan and keep saving in 2027 and paying interest only and then building EOFY 2027 as our serviceability will go up enough to service a 1m build on top of the land loan. (Hopefully).
Worst case, if we completely miss that target, we thought of property prices continue to go up we could sell the land.
Any advice or tips would be appreciated! Another option I have been googling is TOC products, and getting the LVR reduced because it’s in a good suburb - do they do the same sorts serviceability and deposit requirements for house and land?